Fill in the blanks 1. Assets or any other item of the accounting equation can increase or decrease but assets will always be equal to 2. The Accounting equation is 3. The dual accounting concept is for every + ,there is an equivalent 4. Items owned by a business that have monetary value are 5. is the interest of the owners in a business 6. The company buy stationary on credit, so the accounting entries should be Debit: Credit: 7. Money owed to an outsider is a 8. To purchase "on account" is to create a 9. The difference between assets and liabilities is 10. An investment in the business increases and 11. The normal balance of an expense account is a 12. The balance. _account is closed directly to retained earnings. 13. An accounting year that covers a period of time other than January 1 through December 31 is typically referred to as a 14. The Accumulated Depreciation account is termed a 15. In any transaction, total debits must equal_ year. asset. If it is hard for you to type your answers above, please type in below given space Answers for fill ups 1. + 2. = + 3. Every , there is an equivalent, 4. 5. 6. Debit: Credit: 7. 8. 9. 10. And 11. 12. 13. 14. 15